Pfizer hikes U.S. prices of 91 drugs

Pharmaceutical giant Pfizer has raised the price of nearly a hundred drugs by an average of 20 percent, the Financial Times has reported. This move might draw anger from politicians at a time of public outcry over the cost of medicines.

This is the second time this year that Pfizer has implemented a series of wholesale price increases. The medications include best-selling drugs like Viagra, the erectile dysfunction treatment, and Lyrica for nerve pain.

This move comes in at a time of public outcry over the cost of medicines. President Donald Trump had pledged to take action on the high cost of medicines, earlier this year. Critics argue that an increase in the price of medicines end up costing the US healthcare system more in aggregate.

The company put its average net price increase at 4% in the U.S.

Pfizer was reported saying that for those who cannot afford, or do not have good insurance, it has a very comprehensive and extensive access programs.

A common defense from pharma companies is that they price their drugs so high in order to recoup soaring research and development costs. But consumer and patient advocacy groups have complained that there is little transparency surrounding those costs, making it difficult to determine how much of the revenue goes to actual research and how much to marketing campaigns.

Although, the U.S. Government have its eyes on the pharma industry, no reform has been made except some potential changes in the FDA’s drug approval process.